Diana Shipping Inc. (NYSE:DSX) entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk vessels, the m/v Clio.
The gross charter rate is US$8,600 per day, minus a 4.75% commission paid to third parties, for a period of minimum twenty-one (21) months to maximum twenty-four (24) months. The charter is expected to commence on August 22, 2013.
The Clio is a 73,691 dwt Panamax dry bulk vessel built in 2005.
This employment is anticipated to generate approximately US$5.4 million of gross revenue for the minimum scheduled period of the charter.